SF homeowners: “My house is worth $1.5m but it’s paper wealth, doesn’t mean I’m rich or should pay more taxes.” Me: “Ok I guess you’ll be fine then with this plan that might modestly lower paper home values to make housing more affordable.” SF owners: [rage, pitchforks, etc.]
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I think the issue is people trying to have it both ways. Generally the value of a home is what determines taxes. A certain group of home owners want to protect their investment, but not need to pay taxes that wild correspond with that wealth.
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In the country I live in people pay taxes in relation to their income. What you are suggesting (a land value tax) would probably force a lot of people to either sell up or begin to use their property to produce income.
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